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Championing outstanding practice and professional development in the insurance industry.

This prestigious biennial award will provide the recipient with a sophisticated understanding of the operation of the London reinsurance market from many different perspectives including Lloyd's of London, company markets, intermediaries and underwriters.

Among the many and varied areas of interest, the recipient will spend time with a global broking team and an analytical modelling team. They will also observe the operations of a counterparty security team and the high importance of this specialist function to customers. In addition Benfield will arrange for the recipient to spend time with a London company market reinsurer and with a Lloyd's of London syndicate underwriter.

The recipient will be hosted by Benfield's London office and based predominantly in the heart of the City of London. The scholarship recipient will be expected to present a report on the experience, which will be widely distributed by Benfield, the NZ-UK Link Foundation and the Insurance Council of New Zealand. They will also have the opportunity of raising their own profile by presenting the report at appropriate conferences and through industry publications.

The recipient will be selected by a specialist panel comprising representatives from Benfield, the NZ-UK Link Foundation, the Insurance Council of New Zealand and industry leaders.

About the NZ-UK Link Foundation Patron Her Royal Highness The Princess Royal Vice-Patron His Excellency The Governor-General of New Zealand President Dame Kiri Te Kanawa The NZ-UK Link Foundation creates and promotes educational and cultural exchanges between New Zealand and the United Kingdom. Through these exchanges it fosters increased awareness of what each country has to offer the other, the sharing of knowledge and encouragement of talent. The NZ-UK Link Foundation is proud to work with Benfield to foster stronger ties between the New Zealand and United Kingdom insurance markets while recognising the achievements of a young New Zealand insurance professional.

About Benfield Benfield is the world's leading independent reinsurance and risk intermediary. Headquartered in London, the Group specialises in placing reinsurance and other risk transfer transactions on behalf of insurers, reinsurers and government bodies. Benfield has an extensive and long standing customer base in New Zealand which reaches back to the 1920s and has established a leading position in the Asia Pacific region.

The Benfield/NZ-UK Link Scholarship The recipient of this award will spend four weeks living in London, working in one of the largest and most dynamic insurance markets in the world. This is an outstanding opportunity to experience the workings of the extensive London reinsurance market, both within Lloyd's of London and the wider London-based company market. The scholarship is awarded biennially to a New Zealand insurance professional with at least four years' experience in the insurance industry. The scholarship covers the recipient's airfares, transfers and accommodation and all approved living expenses incurred while participating in the London programme. It will also cover registration fees for courses undertaken by the recipient as part of the scholarship.

The scholarship aims to:

• Build and strengthen links to the international business and insurance community from the New Zealand market, particularly between London and New Zealand.
• Increase the understanding of the global reinsurance and insurance markets among New Zealand insurance professionals.
• Provide experience and a sophisticated understanding of the London (and global)reinsurance market from both a broker and a reinsurance underwriter's perspective.

Eligibility

The scholarship is open to all New Zealand citizens with at least four years' experience of the insurance industry.

Selection Criteria:

The criteria for awarding the scholarship will take the following into account:

• Communication skills and ability to develop successful relationships in business
• Demonstrated performance in the insurance industry
• Results achieved in study of insurance education programmes
• Ability to develop and maintain leverage from relationships built through the programme
• Ability to contribute skills and knowledge gained through the programme to the insurance industry
• Ability to enhance the links between the New Zealand and United Kingdom markets
• Application endorsement by applicant's CEO or Senior Management.

The recipient of the scholarship will be decided upon by a panel of industry representatives who will oversee the assessment and award process. In 2008 the panel members are:

• Managing Director, Benfield (New Zealand)
• A Member of the NZ-UK Link Foundation Management Committee
• A Member of the Insurance Council of New Zealand
• Two Representatives from the New Zealand Insurance Industry

Reporting requirements

At the conclusion of the scholarship, the recipient will be required to submit a report to the scholarship panel outlining the knowledge gained and other benefits of the programme. This report will be circulated to Benfield, the NZ-UK Link Foundation and the Insurance Council of New Zealand, and will be considered for publication by these organisations. The recipient will also be expected to share their knowledge by presenting reports at relevant conferences, seminars, and by speaking to interested industry groups.

How to apply

Applicants are required to submit the following to the scholarship panel, accompanied by an application form. If short-listed, the applicant may be required to attend an interview with the scholarship panel.

• A 2,500 word essay providing a big picture overview of the current New Zealand insurance industry. The essay should seek to explore current industry links with international markets, with particular focus on NZ-UK relationships, and describe the future challenges the industry is likely to face. The essay should also identify areas of interest within this subject range to the applicant.
• A Curriculum Vitae
• A covering letter outlining the applicant's ambition in the industry, and the anticipated personal, company and local industry gains from their study.
• A statement of recommendation from a senior executive manager addressing the applicant's ability to make use of the learning and relationship building opportunities provided by participating in the scholarship.

 

Jasmine Christie
Benfield (New Zealand) Ltd
P0 Box 699, Auckland 1140
T: +64 9 302 9582
E: jasmine.christie@benfieldgroup.com
www.benfieldgroup.com/scholarship

 

 

 

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